Obtaining credit cards with large credit lines can be challenging. With on-time payments, most customers are offered periodic credit line increases. However, for traditional borrowers, a $100,000 credit limit will not usually be offered. In some cases, banks will actually place a cap on a particular credit card. Increasing or obtaining a credit card with a $100,000 credit limit is difficult, but there are ways in which individuals can have success.
Pull a copy of your credit report. See resources for a free copy. If you have a FICO score above 750, you may have a fighting chance to get a $100,000 credit line. With any score below 750, you'll need to rebuild and repair your score.
Calculate your current amount of credit available to you on all cards. Then, calculate what percentage you have utilized on all accounts. For example, if you have $4,000 in credit card debt and $30,000 in available credit, you have 12 percent utilization.
Get your utilization below 10 percent before trying to secure a $100,000 credit line.
Determine which card you'd like to extend to $100,000. Choose one that is connected to a large bank--like Bank of America or CitiBank.
Collect all income and asset documentation. In general, a bank will want to see at least $200,000 in assets and liquid cash prior to extending such a large credit line.
Be prepared for your finances to be scrutinized very carefully. Most banks will want to collateralize a $100,000 credit card. This means taking out a mortgage against your property for the use of the credit line. Technically, a credit card will be available for use, but these loans must be carefully used as it will be placed against your home.
Make sure you have an ironclad reason for requesting the $100,000. Legitimate reasons include: home improvements, financing for higher education and medical expenses.
Apply to three or fewer lenders. All lenders will pull a credit report and too many inquiries will drop your FICO score.